Product management

Jk. A useful tool in product management is the idea of Product Life Cycle. The diagram shows a typical product life cycle. Label the parts 1-6 with words from the box.

decline development growth launch maturity saturation

& Complete the sentences with terms from the box.

appeal consumers decision-making development extend markets penetration portfolio positioning potential quality research return iijj Managers have to understand the potential of their products.

Ill Most companies produce many different products and services. Together this is called the product_..

¡¡II Companies market products at particular groups of consumers, so the product is matched to the consumer. This is called product

¡Ifl Product management is about getting the maximum _from each product.

5 A key objective is to get the maximum market __„____„ , which means reaching the most ______.

6 Another important objective is to ______ the life of the product. The typical life cycle diagram then shows a wave effect.

This is possible if the product_is good. This means changing or improving the product, to add to its __and_.

8 Managers also try to find new_for their products.

9 In all cases, product management needs good_to help-.

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